Spring is just around the corner and not only flowers are popping up everywhere, houses are also being prepared for the spring selling season. Home owners typically sell during spring, and buyers are taking advantage of this huge opportunity to get the best home. There is competition among buyers who want to get the best pick. In this adrenaline-driven situation, it pays to follow these 5 house hunting tips so you would will not be left behind.
1. Canvass your dream house, the old-fashioned way. Close your laptop and go to open houses. Online listings are good sources of information, but nothing beats seeing the house with your own two eyes. It’s a great idea to go online, research the house you want and set up alerts so you know when a new house is being put in the market. However, if you really want to find your perfect house, you have to get up from your desk and get on your feet. The spring season means higher demands for houses, therefore buyers should always be in the position to decide quickly.
2. Research market trends. Housing trends are forever changing. What’s ok now might not be good tomorrow and what seems to worthless today could be worth a fortune in the coming years. As a buyer, you have to be informed of what’s happening in the current market as well as the past trends in the housing industry. This would give you a chance to compare and formulate marketing predictions that would help in your decision making. Take note that these trends have a huge impact on house prices so the more you know, the better chances for you to get a good price. Don’t forget to research both local and general markets.
3. Take advantage of low mortgage rates. Act now while mortgage rates are historically low. Having low interest rates allows you affordable payments for a long time. Mortgage rates are very unpredictable so you have to take action the minute it goes down.
4. Build your team. Everything is fast-paced today with the market on hype due to spring season. As a buyer, you have to make sure that everyone you are working with is ready to go so you’ll have a smooth and fast transaction. Your home buying team should include a knowledgeable real estate agent, lender, lawyer and inspector. To save time, make sure you get pre-approved first so you can quickly submit your bid once you find the right home.
5. Prepare deal-breakers. In a bidding war, you will come across other buyers who are also well prepared. In order to win, you have to sweeten your offer to entice the seller to choose you. How do you do that? You can offer a higher down payment or even forego some contingencies (consult with your team first).
However, the most important advice is BE PREPARED. When that perfect house or opportunity comes up, make sure that you are ready to grab it.